Description text goes hereEveryone’s finances are unique. Use this checklist as a guide, but be sure to adapt it to your particular circumstances. This information is adapted from the Consumer Financial Protection Bureau.

Decide what bank you are going to move your money to.

Make a list of all automatic debits and payments going in and out of your account

Pay off any credit card debt associated with the old account

Open a new account with your new bank

If you have direct deposit, fill out the papers directing your employer to reroute your paychecks to your new account. Do the same for any other direct deposit, such as Social Security payments.

Move enough money into your new account to cover your automatic payments

Change your automatic payments to your new account

Check for any outstanding checks or other debits scheduled to come out of your old account.

Leave enough money in your old checking account to cover any checks that haven’t cleared or automatic payments that haven’t been made to avoid any fees. Move the rest of your money into your new account.

Once you’re certain all direct deposits and automatic payments are coming in to and going out of your new account, transfer the remaining funds from your old checking account into your new account. You can do this fastest electronically or by using a cashier’s check. Using a personal check may be cheaper than using a cashier’s check, but there may be a longer wait before it is available in your new account.

Once the transfer clears your new account, close the old account. Get written confirmation that the account has been closed.

CREDIT TO: STOP THE MONEY PIPELINE: https://stopthemoneypipeline.com/

PREPARING TO CLOSE YOUR ACCOUNT

In general to close your account you will have to pay off any debt associated with the account and bring your balance to zero. However, everyone’s finances are different, and different banks may have different processes. It is a good idea to call your bank and confirm the process of closing your account at the start of the process.

Open the account with your new bank first

The process of closing your account will likely involve moving automatic debits, direct deposits and other recurring transactions to your new account before closing your old one. The first step is likely opening an account with the bank you would like to move to.

Make a list of automatic transactions into and out of your account, transfer them to your new account.

Make a list of all automatic transactions going in and out of your account and all outstanding checks that haven’t cleared yet. Transfer enough funds to cover any automatic debits to your new account and change any automatic transactions and direct deposits to your new account.

Make a plan to pay off your credit card debt

You will likely need to pay off your credit card debt associated with the account to close it. Make a plan for how you will do this and pay off any debt if you are able.

Talk to your bank and make a plan to deal with any other financial instruments attached to the account.

If you have other financial instruments associated with your account talk to your bank about how they will impact closing your account and make a plan to address them.

Confirm you don’t have any pending transactions or outstanding checks before emptying your old account.

You should double check your list of automatic and pending transactions, and confirm you don’t have any outstanding checks that have not yet cleared before transferring the remaining balance from your old account to your new one.

CREDIT TO: STOP THE MONEY PIPELINE: https://stopthemoneypipeline.com/

Dear (Name of your mega-bank or its CEO):

After (number) years as an account holder, I have closed my checking account / savings account / credit card with (name of bank).

Taking this step has been on my mind for some time. Given the current genocide on Palestinian people and the shameful role of the largest banks (and their Foundations) have in contributing to the “Friends of the Israeli Defense Force”, as well as ongoing predatory practices have prompted me to take action.

I wanted you to know that I am no longer going to be part of financial institutions that profit at the expense of the majority through unfair fees and especially at the expense of economically marginalized communities and individuals through predatory practices.

I am no longer going to be part of financial institutions that don’t know me and don’t care about my specific needs and questions. I am no longer going to be part of financial institutions that pay their top executives exorbitant salaries – and bonuses – while their clients face foreclosure and economic hardship that could largely have been prevented.

I am no longer going to be part of financial institutions that invest in genocide, fossil fules, or climate destruction of indigenous lands while the need to be move to renewable energy becomes increasingly dire each day. I am no longer going to be part of financial institutions that are not lending to the small businesses that are the engines of jobs and innovation for our economy.

I am now meeting my household’s banking needs with a Community Development Financial Institution. I now have a smaller community development bank /credit union that works to know me and my circumstances.

My new financial institution is dedicated to the economic uplift of struggling communities, not to extracting profit from those in need. My new bank / credit union is helping me play the constructive role I want to play in making economic well-being a reality for everyone. I can now tell my family / friends / children about the good that my deposits are doing. I only wish that this had always been the case.

In closing, there are steps that (name of bank) could take to improve its impact on people and the planet, especially your role in financing the fossil fuel industry. I urge you to join other banks, investment firms, and corporations in:

*Encouraging shareholders and members to urge for a ceasefire

* Divest from all withholdings and pension funds are invested in Israeli companies (and international companies that are complicit in) Israeli apartheid and settler-colonialism;

* Creating fossil-fuel-free banking products to meet consumer demand.

Thank you for considering these important and timely steps.

Sincerely yours,

(Your Name and Contact information)

Following is contact information for the four largest depository banks in the US. You can use this information to send a letter to the CEO explaining why you broke up with the bank.

Citigroup

399 Park Ave.

New York, NY 10043

Toll Free: 800-285-3000

Bank of America

100 N. Tryon St.

Charlotte, NC 28255

Toll Free: 800-299-2265

Fax: 704-403-0968

JPMorgan Chase & Co.

270 Park Ave.

New York, NY 10017

Phone: 212-270-6000

Fax: 212-270-1648

Wells Fargo & Co.

420 Montgomery St.

San Francisco, CA 94163

Phone: 866-878-5865

(Credit to Green America: https://www.greenamerica.org/sample-break-letter-send-your-mega-bank)

In general the process of actually closing your account is simple. You can verify this process by calling your bank prior to closing your account.

Pay off any debt associated with the account and reduce the balance in the account to zero.

Contact the bank by calling a customer service line and ask to close the account. Ask for confirmation that your account has been closed in writing. Some banks also allow you to contact them online to close your account.

Verify your account is closed by receiving written confirmation from your bank.

CREDIT TO: STOP THE MONEY PIPELINE: https://stopthemoneypipeline.com/

CHASE:

Customer Service Line: 1-800-935-9935

Wells Fargo:

Customer Service Line: 1 (800) 869-3557

Bank of America:

Customer Service Line: 1 (800) 432-1000

Citibank:

Customer Service Line: 1 (800) 374-9700

CREDIT TO: STOP THE MONEY PIPELINE: https://stopthemoneypipeline.com/

How will closing my account impact my credit score?

As long as your account balance isn’t negative closing your account itself should not impact your credit score. Canceling a credit card or other financial instrument may. Here are some useful articles that can help you navigate your personal financial circumstances:

How Closing a Bank Account Affects Your Credit Score

My bank or credit union closed my checking account. Will this hurt my credit?

What is a credit score?

There are so many other banks to choose, how do I choose one?

We’ve provided some suggestions on choosing a new bank above. There are a number of fossil-free and socially responsible banks to choose from including local credit unions and online banks. You should consider your financial circumstances and what you need from a bank and then pick one that matches your needs, as well as your values. For example if you prefer to have in-person transactions an online bank might not be right for you.

Will closing my account really have an impact on my bank?

When customers act together banks feel the pressure. Individually our accounts make up a tiny fraction of a big bank’s profits, but when tens of thousands of us act it sends a clear signal Bank Executives can’t ignore. In addition Stop The Money Pipeline is working to leverage our collective action to generate more scrutiny on the banks from both the media and government, endangering their reputations and further pressuring them to take action.

CREDIT TO: STOP THE MONEY PIPELINE: https://stopthemoneypipeline.com/